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Credit Unions with good rates that accept applicants anywhere within the US?
- Thread starter YNoVA
- Start date
Armco ended up emailing me my loan docs while I was taking delivery of MYP this morning. Ended up doing Tesla financing and then let Armco know to update my application to a refi.
kind of annoying since I was approved for the loan back on 3/1 but guess they're still really backed up.
Actually talked to Armco earlier. They do honor the discounted rate with refinance
It's whatever you're approved for previously with them. For me it's 3.2%. They said if my loan isn't processed in time, then refinance later for same rate of 3.2% (vs. new rate of 5. something)
I just don't know how I'm going to do this. Interest rates have increased a bit and the numbers aren't adding up. USAA on their app advertise 5.32 for me. Are you doing a down payment? I didn't realize Michigan sales tax is so high
So if new, I'm out of luck with a 5?
Yeah unfortunately they increased their rate since beginning of March :/ I got approved right before they increased it
Mind elaborating on the process? I'm in a similar situation.
What exactly happens after being approved for the loan, approved for membership, signing the membership documents, and funding the membership fees? And to clarify, are you saying that you did all of this by 3/1 and just barely heard back from them on the next steps?
Thanks!
Can’t speak for dlai, but I applied on 2/27, was “approved” on 3/7 with a request for additional documents/questions which I uploaded and responded to that same day. No movement since. The membership part only took one day, but because they had such good rates they are overloaded and it is taking a bit on the loans.
Cyclone
Cyclonic Member ((.oO))
To be clear though, they aren’t talking about opening a new app if they didn’t get ready in time for delivery, they are talking about changing your existing app from New Car Purchase to Refinance. Even in Feb when they had the special running, refinance was the same rate, so one would expect this behavior.
Now if you go past your 30 days from approval, then I can understand a datapoint of them extending the promo rate. But until then, it’s just which box they tick on the existing app.
Here's my timeline
2/23 - created loan application with Armco and uploaded all requested financial documents
3/1 - message that loan has been conditionally approved for the loan but that I will need to apply for CU membership.
3/2 - applied online for membership and selecting BC3 as affiliation
3/3 - received message that my membership to Armco had been approved and if I agreed to $19 fee to join association
3/6 - received message to call in and provide credit card 3-digit code to finalize CU membership.
3/6 - called in and right after hanging up immediately got message with my account number and membership finalized.
3/11 - uploaded MVPA and sent note to go ahead and wire to Tesla and add wiring fee to my loan
from then on there was no additional movement and ended up having to take delivery with tesla financing. Currently trying to figure out my tesla financing account # and how to even obtain the 10day payoff from Tesla financing so that I can proceed with refinancing with Armco. On the tesla loan agreement I don't actually see which financial institution my loan is with so just waiting for something to come in the mail..
Cyclone
Cyclonic Member ((.oO))
I know at some point another poster here about Armco’s instructions having the title go straight to them without us being asked to do anything or provide a PoA to them. Well they called me yesterday to let me know they are sending me the title so I can go get them added as a lienholder myself. Not a problem, but glad someone actually called me to confirm. Great service!
I’m in NC btw.
I’m in NC btw.
I ran into the same situation. Just wanted to know if you know whether Armco accepts temp registration? Thanks!
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